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Actuarial review shows large 2022 funding gaps for state and school employee health plans; board plots fast-track steps
Summary
Milliman actuaries told the State Board of Finance the state employee plan (ASC) could face a multi-million-dollar shortfall and that a package of funding and plan-design changes — including employee contribution increases, wellness-credit reductions and a proposed per-head state funding increase — could largely close the gap; public-school plans show an even larger projected deficit.
Actuarial consultants from Milliman briefed the Board on updated projections for Arkansas— state and public-school employee health plans and presented a set of budget levers the Employee Benefits Division and the board could use to close funding gaps for 2022.
Milliman—s presentation explained the firm—s methodology — using pre-pandemic medical claims for medical trend projections and more recent pharmacy data for drug costs — and emphasized projections will change as new data arrives. For the state employee plan (ASC), Milliman presented a projected $6,000,000 deficit for 2021 (after prior surplus allocations) and showed a status-quo 2022 pathway that would produce a much larger funding gap.…
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